Paxful is a peer-to-peer cryptocurrency exchange and provider of digital wallets. Customers can use more than 350 different payment methods to buy and sell bitcoins. We’ll go over opening a Paxful wallet, logging into your account, required minimum deposits, sending costs, and more in our review. Check out Paxful to see if you should start purchasing and trading bitcoin.
In 2015, Paxful was established (originally by EasyBit). With offices around the world in Hong Kong, Estonia, and the Philippines, the company currently has more than 400 workers and 6 million customers. The company’s headquarters are housed in a building in New York (NYC), USA. Its users are spread out around the globe, and there are active Paxful dealers in Pakistan, Malaysia, the UAE, India, Zimbabwe, and Indonesia, among other countries.
The founder and CEO had a vision of a world where crypto technologies connected everything and finance was available to anyone.
Coins and tokens
From Paxful, users can purchase Bitcoin (BTC), Tether (USDT), and Ethereum (ETH). There are no additional digital currencies for sale. As a result, it may be said that the cryptocurrency trading platform is quite constrained when compared to rivals like Binance and Coinbase. However, Paxful has more possibilities when compared to LocalBitcoins. Transactions in BTC are subject to minimums.
Ripple (XRP), Monero (XMR), and Dogecoin are just a few of the more than 350 payment options available for purchasing and selling Bitcoin, Tether, and Ethereum (DOGE).
Using the Paxful Inc. wallet to manage cryptocurrencies or the P2P exchange to buy and sell bitcoins is free, easy to do, and safe. The wallet can be downloaded to a PC, a mobile device, or a computer using the trading API.
Users gain access to strong security features, cloud backup protection, and 0% transaction fees. BitGo supports services for online wallets.
To open a live account, clients must finish the necessary registration steps, which may include identity verification for some countries. Please be aware that customers from Cuba and North Korea are not permitted to open Paxful accounts. However, day traders from many other nations and places, like Zambia, London, and Jordan, can use the services.
Additionally, you can be asked to complete extra KYC identification checks, such as video verification and security question and answer sets, if your wallet volume or activity exceeds certain thresholds.
A deal may be canceled or an account may be deleted with a single withdrawal if Paxful so chooses. This may occur if the terms of service are broken or if you attempt to log in from a blocked country or region. To facilitate trading, the organization also uses a QR code function that makes it simple to swap wallet addresses.
Paxful offers a bitcoin wallet app available for download on iOS and Android devices (APK). The application provides safe and secure access to enter the cryptocurrency market. Other features include:
- Real-time balance
- Personalize your profile.
- View the status of recent transactions.
- Access to updated rates for converting cryptocurrencies into fiat money
- Receive notifications about trader requests, chats, or any other activity on the account.
- Send, receive, and store crypto coins in your mobile wallet anytime, anywhere.
Deposits and withdrawals
The exchange does not charge a fee for making a deposit. The platform supports over 350 payment methods to fund your account.
Payment methods include:
- Bank transfer: domestic and international
- Digital currencies, including Litecoin and Dogecoin
- Goods and services, including gold, cars, and in-game items
- Gift cards, including Amazon, Google Play, and Xbox gift cards
- Debit and credit cards, including Greendot, American Express, and Visa
- Online Wallets: Buy bitcoin with PayPal, Zelle, Google Pay, MPesa, and mobile recharges.
There are withdrawal fees even though Paxful wallets are free. From both internal and external cryptocurrency wallets, such as Binance, users can withdraw Bitcoin. Depending on the size of the withdrawal, a fee is assessed for transfers from an external wallet. There is a 0.0004 BTC fee for withdrawals of $20 or more. A fee is applied to internal wallet withdrawals based on the applicable limits. Up to $1,000 in withdrawals each month are free. After that, there is a fee of $1 or 1% (whichever is higher).
Interest Rates and Margin
Although providers may specify their exchange price, the broker and exchange give a market price for bitcoin based on the average of Coinbase, Bitstamp, and Bitfinex. Visit the “Bitcoin exchange rate” section of the “purchase” page to see how much you can get in US dollars.
The suppliers choose the margin. Instead of treating this as standard leveraged trading, Paxful treats it as a seller’s commission, and it can range from 5% to 50%. Before accepting the offer, investors can evaluate the terms and conditions established by the supplier or look for a substitute that suits their budgetary needs.
The cost of converting cryptocurrency is 0.5%. The exchange fee is established by other customers and account holders who are willing to make bitcoin purchases; the broker does not impose fees for the acquisition of cryptocurrency.
Depending on the payment method, a transfer fee is assessed while selling cryptocurrency. The least expensive cost is 0.5% for wire transactions. A 1% fee applies to other payment methods, such as debit cards, virtual currencies, and online wallets. The highest fee for the sale of cryptocurrencies, at 5%, is offered by the gift card tariff. As soon as the transaction is finished, the escrow network charge is promptly taken from the provider’s wallet and sent to Paxful.
Use the bitcoin fee calculator to understand the fiat value of your cryptocurrency using current exchange rates.
Reasons to start trading cryptocurrencies with Paxful include:
- Referral codes
- No fees
- Safe escrow trading
- Positive feedback about the wallet
- Mobile app with full account features
- Hundreds of payment methods are supported.
- supports charitable initiatives with Bitcoin
- Choose cryptocurrency providers that meet specific requirements and prices.
The disadvantages of signing up for a Paxful account include:
- Unregulated exchange
- Only three crypto assets
- Limited customer support options
- Services are restricted in some countries.
Customer support is limited. The online contact form and chatbot are accessible through the logo in the lower right corner of the Paxful website or through the mobile app. No contact phone number was provided. Exchange office mailing address: 3422 Old Capitol Trail, PMB # 989, Wilmington, Ohio, 19808, USA.
Support email addresses are firstname.lastname@example.org and email@example.com. However, we had to dig into the contact details. This information is not always available to users, even through a third-party research website such as CrunchBase.
Paxful also offers an extensive FAQ page and a help center (knowledge base). Topics include how to create a Paxful account, ID verification, how to buy bitcoin, and English and global language settings. Social media platforms, including Twitter, also provide breaking news and help.
a unique peer-to-peer cryptocurrency marketplace and wallet service called Paxful. We found it encouraging that the exchange supports over 350 payment methods, secure logins, and the ability to work with crypto vendors. Some investors could be concerned about unregulated services and little customer assistance. Remember that there are only a limited number of digital currencies available for investing, as well as expensive vendor fees.